HB 1494 IN

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Defines "residual interest", with respect to a credit card, as interest that: (1) accrues on the outstanding balance on a credit card account from the close of a particular billing cycle until the cardholder's payment on the account posts; and (2) may result in a cardholder owing interest even if the cardholder pays off the full amount shown as outstanding on the statement issued as of the close of the billing cycle. Prohibits a card issuer from doing the following: (1) Issuing, or offering to issue, a credit card to an Indiana consumer if, under the terms and conditions of use for the credit card, the card issuer is permitted to charge residual interest on outstanding balances. (2) Charging residual interest on the outstanding balance on a credit card account. Provides that a card issuer that violates these provisions commits a deceptive act that is: (1) actionable by the attorney general or by a consumer under the deceptive consumer sales act (act); and (2) subject to the remedies and penalties set forth in the act.

• Martin Carbaugh Republican · author

1. Jan 17, 2023 Authored by Representative Carbaugh · lower
2. Jan 17, 2023 First reading: referred to Committee on Financial Institutions · lower

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Introduced House Bill (H) · Jan 17, 2023 · PDF